Our services for East London contractors
Professional Chartered Accountants in East London
Pearl Chartered Accountants is an accounting firm based in London. We work with many types of clients, including businesses, startups, contractors, landlords, and many more. We believe in customer service and professionalism, using our 30+ years of accounting experience to provide our clients with exceptional service and support throughout the bookkeeping process.
Contractors accountants in Canary Wharf
Our accountants for contractors in East London have over 30 years of experience in delivering stellar customer service to contractors, advising them on the best ways of reducing their tax liability and saving themselves money. We are specialist accountants for contractors, meaning we can help you to set up your company and offer a free IR35 basic review.
Our East London accountants for contractors are able to
- Minimize your tax liability
- Submit your tax returns to HMRC
- Advise you on the best contractor business models
- Provide you with Quickbooks software to make bookkeeping easier
- Manage your accounts
- Offer a free IR35 basic review
- Oversee and manage statutory year-end accounts
We understand that contractors come in different forms and sizes, which is why we can personalise all of these services to fit your individual needs as a contractor. Our accountants for contractors in East London have over 30 years of experience, remaining abreast of the latest developments in tax relief and regulations surrounding contractors and their legal bookkeeping obligations.
What is the best contractor business model?
As any contractors accountants in Canary Wharf should tell you, there are many different ways of being a contractor in HMRC’s eyes. As a result, you may have different options to choose from in terms of your business model, all of which have their own advantages and disadvantages. Our East London accountants for contractors can readily advise you on these business models, consulting you on how to pay the least amount of tax legally. Below we have given you a basic summary of the different contractor business models which HMRC recognises.
With a limited company, you’re not personally liable to foot the bill if your company goes under financially. A limited company is a separate entity to you, meaning that its financial concerns should not necessarily be intertwined with your own. Limited companies can claim their expenses as tax-deductible amounts, although they are still liable to pay Corporation Tax. There are also other legal considerations which mean that you may choose a limited company structure; however, our accountants for contractors in East London will be able to advise you on these in more detail.
A sole trader has no legal separation between themselves and the business. In a sense, they are the business. Sole traders are usually one-person operations whose duties and financial records are rather simple.
A partnership is essentially the same as a sole trader model, except that it involves 2 people who are working together as a “company”.
This model sees you as the employee of an umbrella company. Although this may be convenient for some, you will have normal “employee” tax obligations and will therefore pay more in taxes.